'Paying More for Less' Sums Up Umbrella Renewals 
The mid-year umbrella liability renewal marketplace is "dysfunctional" if you are a risk manager and a "bumpy ride" if you are a broker. Rates are up at least 10-30 percent, capacity is a problem for certain industries, and mold exclusions are becoming more common, brokers and risk managers agree.
"Put your seatbelt on" is what Cynthia Shafer, president of Itasca, Ill.-based International Special Risk Services, a division of Risk Placement Services Inc., Arthur J. Gallagher & Co.'s wholesale arm, tells her umbrella and excess clients, many of which can expect a "bumpy ride" as their expiration dates approach.
"Most insurers and reinsurers are still correcting their casualty book, and this has resulted in double-digit increases for the mid-year renewals," said Ms. Shafer. "For a great risk, you might see premiums 10 to 15 percent higher; 25 to 30 percent is the average increase."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
